A 450% upgrade to 1.98 Million Oz gold resource announcment is quite a lot for one week!
the placement at 12c with free oppies at 20c might be causing some to sell to raise enough capital to take them up. at some point soon we'll see the ersults of that raising.
apart from that, the announcment points to a preliminary economic study currently being compiled , which'll be used in the feasability study planned to commence in October.
Optimisation studies due in mid to late September - when the mineral resoure will be upgraded to take into account the economic depth of mining.
Also - "a recently completed diamond drillign program will also be used to update the model when all assay results are finalised and released shortly".
"The current resource is expected to increase with further exploration drilling".
its open in all directions, so this could be much bigger.
AZX Price at posting:
18.8¢ Sentiment: LT Buy Disclosure: Held